Chevron, DuPont Sink DJIA Tuesday
March 14, 2017: Markets opened lower Tuesday following a report from OPEC on the global market for oil that was less encouraging about market rebalancing. The FOMC meeting started Tuesday and we’ll hear about a rate hike Wednesday afternoon. All 11 S&P sectors traded in the red, with energy taking the biggest hit and materials the next-worst. WTI crude oil for April delivery settled at $47.72 a barrel, down 1.4% on the day and a seventh consecutive loss. April gold dropped just 50 cents on the day to settle at $1,202.60. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.17% for the day, the S&P 500 traded down 0.34%, and the Nasdaq Composite traded down 0.32%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was Chevron Corp. (NYSE: CVX) traded down 1.58% at $107.62. The stock’s 52-week range is $92.25 to $119.00. Volume was about 20% above the daily average of around 6.2 million shares. The integrated oil & gas company had no specific news.
E.I. du Pont de Nemours Inc. (NYSE: DD) traded down 1.11% at $80.32. The stock’s 52-week range is $29.50 to $38.45. Volume was about 25% below the daily average of around 2.7 million shares. The company had no specific news Tuesday.
General Electric Co. (NYSE: GE) which traded down 1.04% at $29.55. The stock’s 52-week range is $28.19 to $33.00. Volume was about 40% below the daily average of nearly 31 million. The company had no specific news.
Caterpillar Inc. (NYSE: CAT) traded down 1.01% at $91.70. The stock’s 52-week range is $69.04 to $99.46. Volume was roughly equal to the daily average of around 5 million shares. The company had no specific news Tuesday.
Of the Dow 30 stocks, 11 are on track to close higher Tuesday and 19 are set to close lower.